Business Office

LOAN DETAILS

General Information

You must have a complete file with the Financial Aid Office in order to receive any
type of loan.

The minimum requirements for consideration of any federal loan is to complete the
FAFSA application, admission into a degree-seeking program, and at least half -time
enrollment (6 hours). You must also complete a master promissory note. SPC participates
in the William D. Ford Direct Loan Program (Direct Loans). This means the Direct
Loans we offer are funded by the Department of Education. The Loan origination fee
for student Direct Loans will be 1.062%. The Parent Plus Loans are charged a 4.248%
rate. The origination fee will come out of the amount that you borrow. The example
below depicts a 1.062% charge.

SPC is required to distribute the loan funds in two disbursements per loan period. If
you are enrolled in one semester only, then you will receive half your loan on the
first scheduled refund date and the other half after the 50% point of the semester
as per the refund schedule. If you are enrolled for both Fall and Spring, you will
receive half of your total loan on the first scheduled refund date for Fall and the
other half on the first scheduled refund date for Spring.

30 Day Hold Loans

If you have less than 1 year in your program of study and are a new borrower, then
you are required by government regulation to wait 30 calendar days before you are
eligible to receive any loan funds. Even if the Financial Aid Office has awarded
you a loan, the Business Office requires payment for your classes by the deadline
date for the particular semester in which you are enrolled. You must go on installment
contract if you are not able to pay your balance in full. Please go to the the Business
Office Home page and click on Payment Details for your payment options and contract
details. Your loan award letter from the Financial Aid Office will have an enclosure
if you are a 30 day hold. Any questions concerning this status should be directed
to the Financial Aid Office.

Previous or Existing FFELP Loans

(Includes Direct Sub, Unsub, & PLUS)

You will not receive all of your loan funds at one time if you have indicated you
will be enrolled for one semester only. SPC is required to distribute the loan funds
in multiple disbursements per loan period. If you attend school at least 6 hours
the entire academic year your loan will only be divided into two disbursements. The
example below shows a full loan with the 1.062% fees applied. Loan fees will be applied
based on the program and first disbursement date as listed above.

Example:$3500.00 - Loan Award for the Fall and Spring academic year.

First disbursement:$1732.00-Post after 12th class day according to Fall refund scheduleSecond disbursement: $1732.00 - Post after 12th class day according to Spring refund schedule

Example:$2000.00 - Loan award for Fall Only or Spring Only semester.

First disbursement: $990.00 - Post after 12th class day according to the semester
refund scheduleSecond disbursement: $990.00- Post after 50% period according to the semesterrefund schedule

If you are enrolled for one semester only, it is imperative to make sure that your
firstloan disbursement will cover the charges on your account. You must have the classes
you enrolled in paid by thedeadline date or you will be dropped for non-payment.

If you do not have a zero balance or if you have not established a payment plan through
Texan Connect, your schedule will be cancelled. You can read more about Payment Plans
under Payment Details on the Business Office home page.

Please call the Business Office if you have questions regarding your loan disbursement
or the balance on your account.

South Plains College does not discriminate on the basis of race, color, national origin, sex, disability or age in its programs and activities. The following person has been designated to handle inquiries regarding the non-discrimination policies: Vice President for Student Affairs, South Plains College 1401 College Avenue, Box 5, Levelland, TX 79336, 806-894-9611